JV Sells 250 KSF Seattle-Area Distribution Facility
Completed last year, Fife I-5 Commerce Center sits within three miles of Port of Tacoma and is fully leased to Associated Materials on a long-term basis.
By Tudor Scolca
Fife I-5 Commerce Center
A joint venture of Trammell Crow Co. and The Carlyle Group has sold Fife I-5 Commerce Center, a newly constructed distribution facility in Fife, Wash. NKF Capital Markets negotiated the sale on behalf of the joint venture.
Constructed in 2017, the facility totals 250,490 square feet, divisible to roughly 35,000 square feet. It features 32-foot clear ceiling heights, ESFR fire suppression systems and a rear-loading design with 60 dock-high and three drive-in, grade-level doors. It also provides a 3,000-amp, 277/480V three-phase power connection. The property is fully occupied by Associated Materials, which signed a 12-year triple-net lease.
Thriving submarket
Fife I-5 Commerce Center is located at 2801 E. 78th Ave., in one of the busiest distribution hubs of the Seattle area. The asset is situated adjacent to FedEx and UPS facilities, about three miles from Port of Tacoma, with major distribution roads nearby including Interstate 5, routes 7, 509 and 167. The facility is also proximate to BNSF and UP rail yards and SeaTac Airport.
“The Fife submarket continues to experience high tenant demand due to its highly efficient distribution channels. Maybe the only demand more insatiable is that of institutional capital looking to acquire core, Class A industrial product in this appealing submarket,” said Bret Hardy, executive managing director at NKF, in a prepared statement.
Image courtesy of NKF
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